Sumo Logic Partners With Sequoia and Raises $30 Million to Expand Globally
Machine Learning, Elastic Scale Driving Rapid Adoption of Company's Machine Data Analytics Platform
REDWOOD CITY, Calif., May 20, 2014-- Sumo Logic, the next generation machine data analytics company, today announced that it has raised $30 million in a round led by Sequoia Capital, with participation from existing investors Greylock Partners, Sutter Hill Ventures and Accel Partners. The additional funding will enable geographic expansion into EMEA and Asia Pacific regions, development of go-to-market initiatives, and the addition of technical functionality to the Sumo Logic machine data analytics platform. Sumo Logic has raised a total of $80.5 million in funding.
"Machine data used to be little more than exhaust. Now it's the fuel that powers operational efficiency, information security, and insights into customer behavior," said Pat Grady, partner, Sequoia Capital. "We were shocked to learn that customers can start analyzing production data in minutes, which makes Sumo Logic an easy choice over on-premise alternatives."
With machine data expected to grow 15 times by 2020, enterprises are looking to leverage their data for actionable insights that lead to new operational efficiencies and improved security posture. Year-over-year, the Sumo Logic customer base has grown over 200 percent and bookings have expanded by 500 percent.
"By every measure, we have experienced explosive growth over the last year and this lead investment from Sequoia provides another huge validation of our business and large upside," said Vance Loiselle, CEO of Sumo Logic. "As we continue executing on our vision in 2014, we are seizing the opportunity to expand our talent roster and extend our business into the wide-open European and Asia Pacific markets as demand for machine data analytics soars."
"Our Sumo Logic investment highlights our thesis that organizations are rapidly taking advantage of cloud computing and unique analytics to add significant value to their IT and security initiatives," said Joseph Ansanelli, partner, Greylock Partners. "The Sumo Logic team continues to innovate and execute on the enormous market opportunity and we look forward to partnering with them over the coming years."
Sumo Logic customers conduct over 5,000,000 searches per month. To support this continued growth, Sumo Logic is investing in the addition of personnel dedicated to customer satisfaction. To lead these efforts, Dean Thomas has been appointed as vice president of customer success. Thomas has extensive experience in enterprise software companies creating and leading customer success programs, and was most recently vice president for client services at Merced Systems, which was acquired by NICE Systems in 2012. For NICE Systems, he served as vice president for application delivery and value added services, managing education services, business consulting, and delivery services for a range of performance management and Big Data analytics products.
To better service enterprise customers located in EMEA and Asia Pacific, Sumo Logic now provides its service from data centers located in Sydney, Australia and Ireland. By offering access to Sumo Logic's machine data analytics platform in-region, customers will experience lower latency and address data sovereignty requirements.
In the past year, Sumo Logic has introduced key features and capabilities, including:
•Enterprise Security Analytics - Sumo Logic now offers proactive insights to enterprise security teams and helps to reduce the mean time to resolution by 50 percent or more via LogReduce™.
•Anomaly Detection - Leveraging machine learning, Anomaly Detection extends beyond the human limitation of pre-defined rules and reports to unearth the "unknown unknowns" within enterprise data sets.
•Application Library - To further enable enterprises to rapidly generate insights from machine log data, Sumo Logic released the Application Library to offer information about popular data sets without the need to download or install additional software.
•Key Integrations - Sumo Logic launched integrations with Akamai, Amazon Web Services and ServiceNow to deliver deeper operational, application and security insights to enterprise customers.
Learn more about Sumo Logic
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•Watch the Sumo Logic product overview video: http://sumolo.gs/18SQCQ0
About Sumo Logic
Sumo Logic is the next-generation machine data analytics company that leverages Big Data for real-time IT insights. The company's cloud-based service provides customers like GoGo Inflight, McGraw-Hill, Medallia, Netflix, Orange and SolarCity with real-time interactive analytics at unprecedented petabyte scale. The Sumo Logic service is powered by patent-pending Elastic Log Processing™ and LogReduce™ technologies, and transforms machine data into actionable insights for IT operations, application management, and security and compliance teams. Unlike expensive and complex premise-based solutions, the Sumo Logic service has a low TCO, can be deployed instantly, scales elastically and requires zero maintenance. The company is based in Silicon Valley and is backed by Greylock Partners, Sutter Hill Ventures, Accel Partners and Sequoia Capital. For more information, visit www.sumologic.com.
Caitlin Haskins for Sumo Logic
Venture Capital Database